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Amount Announces Cloud-Based Account Verification Platform

Vlad Poptamas

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Amount, a leading technology platform for financial institutions, today announced AmountVerify, a cloud-based platform for risk management across financial products. AmountVerify marks the first time industry leading fintech provider Avant is making a component of its cutting edge online lending platform available to financial service companies as a standalone product through Amount.

AmountVerify is an end-to-end cloud-based platform that facilitates digital account opening verifications across multiple consumer financial products, including personal loans, credit cards and deposits. Specifically, the platform handles all aspects of account verification, including identity management; income and employer verification; and Know Your Customer (KYC) and Customer Identification Program (CIP) requirements. With AmountVerify, financial service companies have access to a customizable platform with a suite of best in class identity and verification tools that enable them to configure their own strategies, utilize default rules and settings to segment and mitigate risk, and white label both consumer and agent interfaces.

“Until now, account verification has still been too time consuming and difficult. There is a real need for a cutting-edge, one-stop technology solution for account verification, and it’s a void we can fill with technology we’ve already been using at Avant,” said Al Goldstein, CEO of Avant. “With AmountVerify, we’re making the latest version of our own account verification technology available to the market, which gives financial services companies access to our finely tuned technology and proprietary risk scoring.”

AmountVerify will be available to banks and financial services companies in late 2019.

 

SOURCE Avant

Artificial Intelligence

Automotive Test Equipment Market Worth $3.7 Billion by 2025 – Exclusive Report by MarketsandMarkets™

Vlad Poptamas

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According to the new market research report Automotive Test Equipment Market by Product (Engine, Chassis, and Transmission Dynamometer, Vehicle Emission, Wheel Alignment, & Fuel Injection Pump Tester), End Market, Vehicle, Application, Advance Technology, and Region – Global Forecast to 2025″, published by MarketsandMarkets™, the Global Automotive Test Equipment Market size is projected to grow at a CAGR of 4.1% from USD 3.0 billion in 2020 to reach USD 3.7 billion by 2025.

The growth of the Automotive Test Equipment Market is influenced by factors such as a rise in stringent emission norms to prevent environmental impact, technological advancements in automotive test equipment, increasing electronic architecture in modern vehicles, and growing vehicle production.

Browse in-depth TOC on “Automotive Test Equipment Market”
210 – Tables
65 – Figures
253 – Pages

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Passenger Cars: Increased passenger car sales and technological advancement of test equipment is expected to drive the Automotive Test Equipment Market

The passenger car segment is the largest of all the segments of the Automotive Test Equipment Market and is expected to witness significant growth during the forecast period. The increase in the disposable income of consumers has pushed the demand for passenger cars, which, in turn, has driven the growth of the passenger car market of automotive test equipment. Moreover, the growing trend of high performance and engine downsizing of passenger cars has created the need for accurate and rigorous testing of automotive parts.

Mobile/Tablet based equipment: The portability and easy to use are factors that are fueling the growth of this segment.

The mobile/tablet-based equipment segment is projected to grow at the highest CAGR during the forecast period. Technological advancements have enabled make mobiles and tablets much smarter and efficient. The fact that these are much more mobile and data easily accessible enables the growth of the mobile/tablet-based segment

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Asia Pacific: China is expected to lead the Asia Pacific market

The Asia Pacific region is estimated to be the largest and fastest-growing Automotive Test Equipment Market. The region comprises some of the fastest developing economies of the world, such as China and India. The Asia Pacific region is home to key suppliers of automotive test equipment such as Horiba (Japan), Autel (China), Denso (Japan), and Ampro Testing Machines (India). Factors such as the availability of cheap labor and favorable government policies help undertake mass production of automotive components in Asia Pacific, which results in lower prices. In addition, high investments by major OEMs in advanced technologies are providing further growth opportunities to the automotive test equipment manufacturers in this region.

The global Automotive Test Equipment Market is dominated by major players such as ABB (Switzerland), Bosch (Germany), Horiba (Japan), Honeywell (US), Siemens (Germany), and Delphi (UK).

Browse Related Reports:

Automotive Data Logger Market by End Market (OEMs, Service Stations, and Regulatory Bodies), Application, Post-Sales Application, Channels, Connection Type, and Region (APAC, Europe, North America, and RoW) – Global Forecast to 2025

Automotive Diagnostic Scan Tools Market by Workshop Equipment, Vehicle, Handheld Scan Tools (Scanner, Code Reader, Digital Pressure Tester, TPMS Tool, Battery Analyzer), Offering, Connectivity, and Region – Global Forecast to 2025

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Artificial Intelligence

Royal LePage: National home prices rise sharply in second quarter as housing supply struggles to keep up with surge in demand

Vlad Poptamas

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According to the Royal LePage House Price Survey and Market Survey Forecast released today, the aggregate1 price of a home in Canada increased 6.8 per cent year-over-year to $673,072, in the second quarter. Once provinces allowed regular real estate activity to resume, demand surged in many markets. Inventory levels, already constrained pre-pandemic, have failed to keep pace.

“Home prices shot up in the second quarter as a crush of buyers entered the market, attracted by extremely low interest rates and the perception of bargains to-be-had,” said Phil Soper, president and CEO of Royal LePage. “Across Ontario and Quebec in particular, the demand for housing outpaced the growth in supply, especially in the early weeks post-lockdown. The surge in the number of first-time buyers was felt acutely, as these housing consumers soaked up supply without contributing to it.”

Soper continued, “We are now seeing sellers return to the market in key supply-constrained regions in numbers sufficient to meet demand. Home buyers should enjoy more reasonable conditions with stable prices and improved selection in the second half of the year.”

The Royal LePage National House Price Composite is compiled from proprietary property data in 64 of the nation’s largest real estate markets. When broken out by housing type, the median price of a standard two-storey home rose 8.0 per cent year-over-year to $794,392, while the median price of a bungalow increased 3.9 per cent to $550,289. The median price of a condominium increased 5.3 per cent year-over-year to $503,983. Price data, which includes both resale and new build, is provided by Royal LePage’s sister company RPS Real Property Solutions, a leading Canadian valuation company.

“COVID-19 shaped the real estate market during the second quarter in every possible way,” said Soper. “As consumers and Realtors®2 complied with April’s shelter-at-home directives and only urgent housing needs were serviced, sales volumes plummeted to one-third of normal in our largest cities. As the reality of extended and potentially permanent work-from-home employment sunk in, people pondered both the location and size of their homes. Simply put, larger homes in smaller communities have become more fashionable. As competition for these properties heats up, bidding wars are more common in what were our quieter cities and towns.”

Across Canada, the 11 regions to post the highest year-over-year gains in median home price were in Ontario. In order, Mississauga (13.5%), Windsor (12.2%), Markham (11.9%), Ottawa (11.7%), Niagara/St.Catharines (11.3%), London (10.5%), Brampton (10.4%), Toronto (10.2%)/Greater Toronto Area (10.0%), Guelph (9.9%), Kitchener/Waterloo/Cambridge (9.8%), and Milton (9.7%).

Immigration

Immigration has been disrupted by pandemic travel restrictions, with the impact to real estate markets varying across regions and housing segments. Royal LePage’s 2019 Newcomer study showed that upon arriving in Canada, only 15 per cent of newcomers purchase their first home. The average time period after which newcomers will purchase a property is three years after arriving in Canada.3

“Our research shows that many of the newcomers to our nation who intended to buy a home this year have already been living in Canada for three or more years,” said Soper. “A short-term drop in the number of new immigrants and international students will not directly impact home sales in the current year, as most newcomers will rent their first home. We may feel the impact of fewer new Canadians in our residential investment market with less demand for rental units. Mitigating the impact of this trend is a surge in first-time buyer interest. Some landlords may choose to sell to eager millennial families if rental demand softens.”

Lengthy Economic Recovery and Revised Royal LePage Forecast

As home sellers return to the market, inventory levels are expected to rise, relieving the acute upward pressure on home prices that characterized the supply-constrained second quarter of 2020. Uncertainty clouds Canada’s real estate outlook as a lengthy recovery for the Canadian and world economies is expected. The negative impact on home prices should be muted by the balanced nature of Canadian housing, as chronic housing supply shortages offset dampened medium-term demand.

Royal LePage has revised its forecast slightly upward, with the national aggregate price expected to end 2020 up 2.3 per cent to $663,000 in the fourth quarter compared the same period in 2019.

REGIONAL SUMMARIES

Greater Toronto Area

Pent-up demand coupled with a lack of supply in the Greater Toronto Area (GTA) resulted in significant price appreciation in the second quarter. The aggregate price of a home in the GTA increased 10.0 per cent year-over-year to $899,001 in the second quarter of 2020. When broken down by housing type, the median price of a standard two-storey home increased 10.7 per cent year-over-year to $1,050,323 and the price of a bungalow rose 6.4 per cent year-over-year to $852,260. During the same period, condominiums in the region continued to see strong price appreciation, with the median price rising 9.3 per cent year-over-year to $599,235.

“Prior to the market disruption caused by the pandemic, the GTA was on track for double-digit price growth in 2020. While the first half of the second quarter saw market activity severely curtained, as soon as the market woke up in late May, sales quickly accelerated,” said Kevin Somers, chief operating officer, Royal LePage Real Estate Services Limited. “However, with listings not keeping pace and buyer competition high, we are again seeing double-digit price appreciation in the region.”

Royal LePage is forecasting that the aggregate price of a home in the Greater Toronto Area will increase 4.0 per cent to $882,000 in the fourth quarter of 2020 compared to the same quarter last year.

“While buyer demand outstripping inventory has been typical of the Toronto market, the return of buyers before sellers in the second half of the quarter amplified price growth,” said Somers. “Sellers are now returning and while buyers should not expect bargains, they may find the second half of the year more reasonable for inventory and price appreciation.”

Greater Montreal Area

The Greater Montreal Area aggregate home price rose 7.7 per cent year-over-year to $449,996, in the second quarter of 2020.

With the resumption of real estate brokerage activities on May 11, after being shut down for more than a month, all property categories in the region saw significant price appreciation. The jump in appreciation was largely due to substantial pent-up demand from buyers who had to put their activity on hold during the shutdown.

Looking at prices by property type, the median price of a standard two-storey home in the Greater Montreal Area saw a strong increase of 8.7 per cent this quarter, compared to the second quarter of 2019, reaching $566,874. The median price of a bungalow rose 7.2 per cent year-over-year to $351,015, during the same period. Despite an increase of new listings in June, the median price of a condominium increased by 5.6 per cent year-over-year to $351,889.

“While we were experiencing unprecedented demand for real estate prior to the pandemic, the suspension of transactions during the lockdown has widened the gap between supply and demand,” said Dominic St-Pierre, vice president and general manager, Royal LePage for the Quebec region. “In my 18-year career, I have never seen such a tight ratio between the number of active listings and sales, reaching a new high in this seller’s market, despite the fact that the Montreal region has been hit the hardest by the pandemic and shutdown in Canada.”

As a result, Royal LePage is forecasting the aggregate price of a home in the Greater Montreal Area will increase 3.5 per cent to $452,000 in the fourth quarter of 2020 compared to the same quarter last year.

Greater Vancouver

The aggregate price of a home in Greater Vancouver increased 1.9 per cent year-over-year to $1,109,069 in the second quarter of 2020. Broken out by housing type, the median price of a standard two-storey home in Greater Vancouver increased 3.7 per cent year-over-year to $1,455,027 in the second quarter. During the same period, the median price of a condominium in the region remained relatively flat, decreasing 0.4 per cent year-over-year to $638,242, while the median price of a bungalow decreased 1.1 per cent to $1,189,692.

“The Greater Vancouver real estate market is continuing its recovery that began in 2019. While the pandemic caused a significant disruption in early spring sales, continued low inventory has maintained prices,” said Randy Ryalls, general manager, Royal LePage Sterling Realty.

Real estate in the city of Vancouver posted healthy year-over-year gains in the second quarter. The median price of a two-story home rose 7.6 per cent to $2,088,932 compared to the same period in the previous year. During the second quarter, the median price of a bungalow rose 2.6 per cent year-over-year to $1,434,738, while the median price of a condominium decreased 2.0 per cent to $738,128.

“Stronger price appreciation for two-storey homes compared to condominiums reflects buyers’ preference for larger properties and less shared areas, a trend that has evolved as a result of the pandemic,” said Ryalls. “This has opened up excellent opportunities for those seeking city-centre condos.”

Royal LePage is forecasting that the aggregate price of a home in Greater Vancouver will increase modestly by 0.5 per cent to $1,087,000 in the fourth quarter of 2020 compared to the same quarter last year.

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Artificial Intelligence

Cloud Computing will be the Great Enabler of Mobile Robotics and a US$157.8 billion service opportunity by 2030

Vlad Poptamas

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Though only in its nascent stages, the value of cloud infrastructure to robots is key for both deployment (encompassing development, configuration, and installment) and operation (maintenance, analytics, and control). With the popularization of mobile robotics in a wide range of verticals, it will become necessary to utilize the computing power of cloud infrastructure to store and manage the vast troves of collected data as well as to train more advanced algorithms used to power robot cognition.  ABI Research, a global tech market advisory firm, forecasts the robot-related services powered by cloud computing will reach US$157.8 billion in annual revenue by 2030.

“Since 1961, most commercial robots have been wired or tied to external infrastructure for movement. The next generation of robot deployments will be increasingly mobile, tied to cellular and WIFI connectivity, will consume vast troves of data in order to operate autonomously, and will need effective management through real-time measurements for performance, status and operability,” said Rian Whitton, Senior Analyst at ABI Research. Several cloud service providers, including AWS, Microsoft Azure, and Google Cloud, have begun collaborating with robotics developers, while start-ups like InOrbit target cloud-enabled operations for the first major deployment of mobile service robots.

“The journey of the robot industry from one of individual vehicles and units, to fleets and larger systems, is being driven by its wider incorporation into the IoT ecosystem. However, it would be a mistake to suggest robots will simply fit in with devices, individual sensors, and stationary machines as part of the wider IoT ecosystem,” Whitton points out. Robots are increasingly sophisticated systems themselves, with multiple sensors and highly advanced Artificial Intelligence (AI)/Machine Learning (ML) competencies and are also expected to move around and act within the world, generating huge amounts of data relative to other machines. “To suggest the cloud alone can provide the compute power to operate these machines is naïve, especially during the slow transition to 5G. Onlookers should instead conceive of adaptable edge-cloud systems that focus on quality over quantity when it comes to robotics operation, data processing and analysis,” Whitton adds.

The cloud robotics opportunity, defined as Robotics-as-a-Service (RaaS) and Software-as-a-Service (SaaS) revenue for robotics operations combined, will grow from US$3.3 billion in 2019 to US$157.8 billion in 2030, accounting for 30% of the robotic industry’s total worth. On its own, this represents a huge opportunity for start-ups, many of which are beginning to expand on their mission to enable developers to accelerate their go-to-market strategy, and to help end users and operators’ access and manage the ever increasing fleets of robots. This new robotics ecosystem will be dominated by three subcategories of companies, namely robot developers that move up the value chain and become solution providers, third-party IoT and cloud platform providers focused on best-in-class software solutions, and Cloud Service Providers (CSPs) like Microsoft Azure, Amazon Web Services (AWS), and Google Cloud. Those focusing strictly on hardware will lose relative worth and will require partnerships or bold strategies to become solution providers. This can be exemplified by companies like Universal Robots and Fetch Robotics, who have incorporated software and maintenance services into their offering.

“The market is incredibly nascent at present. ABI Research expects consolidation with the most successful robot solution providers and the CSPs expanding their relative influence on the market to take place within the next decade,” says Whitton. The cloud robotics technology is split between vertical innovations, such as developing superior navigation systems, which increase the possibility of what robots can do, and horizontal innovations that expand access and scalability. “Cloud computing represents the most important horizontal innovation for the robotics industry, to date, and will further enable vertical innovations like swarm-based intelligence, autonomous mobility and advanced manipulation to be deployed at scale,” Whitton concludes.

These findings are from ABI Research’s Commercial and Industrial Robotics application analysis report. This report is part of the company’s Industrial, Collaborative & Commercial Robotics research service, which includes research, data, and ABI Insights. Based on extensive primary interviews, Application Analysis reports present in-depth analysis on key market trends and factors for a specific technology.

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